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Lot 8 Click here for addendum

Leasehold Commercial Investment – Gross Yield 7.4% rising to 14.7% in 2024
6 Week Completion

Situation

Located close to the junction with Hare Street within this town centre retail location, opposite TK Maxx and amongst such other multiple retailers as Argos, Clarks and Sports Direct. In addition, the property is less than a 100 yards from the pedestrianised retail section of Powis Street which hosts Iceland, The Works, Shoe Zone, CEX, Holland & Barrett and many others.
The Woolwich Ferry Terminal is within close proximity and the area is well served by other transport links being less than ½ a mile from King George V Station (DLR) and Woolwich Arsenal Mainline Station.
Woolwich lies some 7 miles south of central London close to the A2 and A20 which provide direct access to the M25.

Property

Forming part of a town centre building comprising a Large Ground Floor Retail Unit divided into 20 smaller retail units (14 of which are currently let) together with a Basement divided into a number of individual store rooms used by the ground floor tenants.

Accommodation

Ground Floor Retail Unit
Gross Frontage 74'11''
Internal Width 72'11''
Built Depth 63'3''
Area Approx. 4,175 sq ft incl. WC
Basement Storage
Area Approx. 2,905 sq ft

Total Area Approx. 7,080 sq ft

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from 3rd June 2013 at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease (by way of service charge) to The Upper Corner Limited t/a Woolwich Market (the tenant has advised they operate 4 other markets) for a term of 15 years from 21st October 2020 at a current rent of £25,000 per annum exclusive rising to £50,000 per annum on 20th January 2024.

Rent Reviews October 2025 and October 2030

Tenant's Break October 2025

There is a £15,000 (including VAT) Rent Deposit held.

Note: The adjoining Unit (No. 127) is also being offered for sale in this Auction - See Lot 9.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,000 plus VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

125 Powis Street, Woolwich, London SE18 6JL